Writer: April Glover
Published Date: June 1, 2017
Source: The Daily Mail UK
Historic Australia Post building in the heart of Sydney ‘sold off to foreign Chinese investors for $150 million in secret deal – and they plan to turn it into a shopping centre’
- A landmark Australia Post building is set to be sold to Singaporean investors
- Historic General Post Office in Sydney will be transformed into a shopping mall
- It has been sold for a reported $150million to the foreign property developers
- The building was first opened in 1874 and used for NSW postage until 1996
An historic Australia Post building in the heart of central Sydney is set to be sold to foreign buyers who will transform it into a shopping centre.
The 143-year-old General Post Office building at Martin Place has been reportedly sold to Singaporean property developer Far East Organisation for $150 million in a ‘secret’ deal.
The Far East Organisation is controlled by billionaire brothers Robert and Philip Ng, who are based in Hong Kong.
It has been cleared by the Foreign Investment Review Board but is yet to be signed off by Commonwealth Heritage, an Australia Post spokesman said.
The adjoining Westin Hotel is already part of Far East’s expanding Australian portfolio.
Far East has invested more than $2 billion in partnerships and acquisitions in prime Australian locations, according to the company’s website.
‘With its attractive urban centres, developed economy, well-regulated business environment and stable market conditions, Australia presents an attractive market for Far East Organisation to build a diversified, balanced real estate portfolio,’ it says.
The original section of the Sydney GPO – designed by colonial architect James Barnet – opened in 1874 and was the centre of the NSW postage system until 1996, according to the National Archives.
The Westin section was sold off in 1997.
‘Crucially, the entire building remains heritage protected… and the existing post office will continue to operate under a lease that remains in place until 2096,’ an Australia Post spokesman said in a statement on Thursday.